![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
ORX chooses OpenPages and IBM partnership
In its drive to widen its operational risk loss data capture, ORX has selected IBM and OpenPages' web-enabled system
The transformation to a web-enabled system will allow ORX to improve the service that it provides to its 50 member banks, providing ORX with an automated platform for loss event collection. ORX holds operational loss data from across the banking industry to improve its members' collective capacity to understand and quantify operational risk.
The new ORX web-enabled services will be supported by IBM infrastructure hosting on IBM x Series servers with IBM Tivoli Access Manager Software. The ORX services will leverage OpenPages' enterprise risk management solutions as the underlying technology framework powering the ORX platform. The OpenPages risk management solution is compatible with IBM WebSphere, and uses reporting software from Cognos, an IBM company, to deliver enhanced compliance dashboard and reporting capabilities.
"ORX exists to help our members better measure and manage operational risk," said Simon Wills, executive director, ORX. "With this strategic collaboration with IBM and OpenPages, we are optimistic that we will not only be able to gain a better understanding of operational risk, but will also be able to build a range of enhanced services for our member banks."
"This next-generation platform is critical to improving operational risk management at the world's largest banks, and we are pleased to be collaborating with ORX and IBM to help improve banks' understanding of operational risks," said Michael Duffy, president and CEO of OpenPages. "This new platform will enable ORX member banks to operate more efficiently and manage risk more effectively."
"The new web-enabled platform will provide better access for ORX's member banks to the invaluable insight that ORX's complex risk analytics provides," said June Yee Felix, general manager, Global Banking and Financial Services, IBM. "Our collaboration with OpenPages will help ORX to deliver powerful new capabilities and services that can help banks drive more business value from operational risk loss data."
ORX plays a vital role in leading fundamental research, and providing a forum for the discussion and advancement of the discipline of operational risk. It has already been collaborating with IBM's Zurich Research Lab on fundamental research into operational risk, which is based upon the ORX database, the largest set of operational risk loss data available, and new data analytics software from IBM.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Risk management
Ace high or busted flush? Digital Asset and the big bet on DLT
Blockchain pioneer’s bumpy journey raises questions over future of DLT in finance
Bridging the gap risk reloaded: modelling wrong-way risk and leverage
A model extends the counterparty risk calculation to include nonlinear and complex portfolios
Ice postpones migration to VAR in bid to improve offsets
Clearing house will move on freight products before energy, as users fret over margin spikes
How a ‘sushi circle’ approach can improve credit risk management
AI can help banks shift from manual corporate loan reviews to continuous, digitised risk monitoring
AI could cut time for money laundering checks by 99%
Leading crypto exchange rolling out large language model for enhanced due diligence checks
Counterparty risk model links defaults to portfolio values
Fed’s Michael Pykhtin proposes using copula models to capture effects of margin calls on default risk
Clearing members cry foul over restrictive FICC rule change
Draft interpreted as attempt to obstruct rival clearing houses entering US Treasuries market
More data urged for effective counterparty credit risk management
Disclosure of client positions may not be commercially realistic, expert warns